Moody's rates BBVA Chile notes Baa1

Moody's Investors Service said it assigned a Baa1 global foreign-currency rating to BBVA Chile's proposed CHF 150 million of senior notes due May 2017. The outlook is stable.

The agency said rating is derived from the bank's Baa1 global local-currency deposit rating and is therefore unconstrained by Moody's Aa1 country ceiling for foreign-currency bonds. The rating benefits from two notches of uplift, one due to Moody's assessment of the probability of support from Spanish parent Banco Bilbao Vizcaya Argentaria and one reflecting Moody's assessment of the probability of systemic support for the bank's obligations in case of need.

Moody's said that BBVA Chile's standalone credit assessment reflects the bank's established franchise and brand, stable market shares and conservative business mix, which result in good asset quality metrics but below-average profitability.

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